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Gold/Mining/Energy : SSRIF Silver Standard Resources -- Ignore unavailable to you. Want to Upgrade?

To: Richard Mazzarella who wrote (185)	6/29/1998 4:37:00 PM
From: philv	Read Replies (1) \| Respond to of 403

News from Aussie property: Bowdens drill results; withdrawal from Lunnoe project, Russia Silver Standard Resources Inc SSO Shares issued 15,995,797 Jun 26 close $3.75 Mon 29 Jun 98 News Release Mr. Robert Quartermain reports The company has received encouraging results from the first 14 holes of a 65 drill hole reserve definition program at its 100 per cent-owned Bowdens silver project. The diamond and reverse circulation drilling program is part of a $2.7-million (U.S.) feasibility study now under way. The Bowdens silver project is approximately 30km east of Mudgee in New South Wales, Australia. The objectives of the drilling program are primarily to expand indicated and inferred silver resources totalling 60 million ounces, and to provide additional geological and metallurgical information. All but two holes intersected silver and base metal mineralization. Five diamond drill holes tested the Main Zone North and Main Zone South. The best results were obtained in holes BGD 005 and 008 each of which intersected greater than 50m of mineralization in areas where there was little previous data. BGD 008 intersected 66m of 116 grams of silver per tonne, including 188 grams of silver per tonne over 20.7m (5.5 ounces of silver per ton over 68 feet). BGD 005 intersected 50.7m grading 99 grams of silver per tonne, including 467 grams of silver per tonne over 7m (13.6 ounces of silver per ton over 23 feet). Nine reverse circulation holes tested the eastern Main and the Bundarra zones. In the Main zone, the best results were intersected in holes BGR 031 through BGR 033. BGR 033 intersected 130 grams of silver over 28m (3.8 ounces of silver per ton over 91.9 feet). BGR 032 cut 22m of 98 grams of silver per tonne or 2.9 ounces of silver per ton over 72.2 feet. BGR 031 intersected three zones of mineralization, including one high-grade section of 1046 grams of silver per tonne over two metres (30.5 ounces of silver per ton over 6.8 feet). Two holes intersected mineralization between the Bundarra North and Bundarra South zones, outside the area of the defined silver resource. BGR 038 intersected 18m grading 86 grams of silver per tonne (2.5 ounces of silver per ton over 59 feet) and BGR 039 included 49m of 66 grams of silver per tonne (1.9 ounces of silver per ton over 160.8 feet). The Bowdens silver project is currently estimated to contain 18.8-million tonnes grading 99 grams of silver per tonne, 0.37 per cent zinc and 0.32 per cent lead, with silver content of approximately 60 million ounces. A block model resource calculation, incorporating the results of the current program, will be completed early in the third quarter. Silver Standard's objective is to place the Bowdens silver project into production during the second half of the year 2000. The feasibility study is evaluating the economics of mining 2.0 to 3.0 million tonnes of ore per year, producing between 5.5 and 8.1 million ounces of silver annually. Drilling, metallurgical and environmental studies are continuing, as well as land acquisition and water and power supply procurement. Silver Standard is well financed with working capital of 5.5-million at March 31, 1998. The company's projects are in Australia, Mexico, Bolivia and the United States. WARNING: The company relies on litigation protection for "forward looking" statements. SELECTED DRILL RESULTS - BOWDENS SILVER PROJECT, N.S.W., AUSTRALIA Inter- Ag Drill val Width Ag equiv hole (m) (m) g/t g/t oz/t BGD 004 No significant mineralization BGD 005 99-150 51 99 120 3.5 Incl. 112-119 7 467 513 15.0 BGD 006 0- 23 23 60 83 2.4 32- 47 15 51 107 3.1 54.6-58.6 4 248 288 8.4 BGD 007 0- 43 43 50 62 1.8 65-103 38 105 132 3.8 Incl. 88-103 15 182 232 6.8 BGD 008 127-183 56 116 136 4.0 Incl. 138-159 21 188 212 6.2 226-229 3 259 274 8.0 BGR 031 37- 47 10 59 66 1.9 132-134 2 1046 1143 33.3 BGR 032 13- 35 22 98 118 3.4 Incl. 20- 26 6 142 169 4.9 77- 84 7 93 125 3.6 116-118 2 345 442 12.9 BGR 033 87-115 28 130 154 4.5 Incl. 88- 95 7 345 395 11.5 BGR 034 31- 41 10 62 69 2.0 BGR 035 Anomalous values BGR 036 Anomalous values BGR 037 No significant mineralization BGR 038 34- 52 18 86 118 3.4 BGR 039 64-113 49 55 78 2.3 Incl. 64- 72 8 109 156 4.5 ...................................................................... Phil ps. Sorry, the columns don't line up properly when "published". Don't know why.